Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
Lowest payment- Down payment
- $182,461
- Funds due
- $197,185
- Interest + MI left
- $476,220
- First ends
- Sep 2055
Assumption
Assumption + second
$4,372/mo
+$903/mo- Down payment
- $59,461
- Funds due
- $75,570
- Interest + MI left
- $678,131
- First ends
- Sep 2055
New loan
New conventional
$4,527/mo
+$1,058/mo- Down payment
- $59,461
- Funds due
- $71,983
- Interest + MI left
- $769,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,529 | $403,529 | $526,529 |
| Second mortgage | — | $123,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,566.89 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $184.95 | $184.95 | $105.31 |
| Taxes, insurance & HOA | $854.75 | $854.75 | $854.75 |
| Total housing payment | $3,469.20 | $4,371.73 | $4,526.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,461
Closing costs & prepaids$16,110
Usable credit−$0
Total buyer cash needed$75,570
Earnest money paid−$0
Remaining funds due$75,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,859.90
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,494.25
Initial HOA (3 months)$570.00
Prepaid interest, first (5 days)$325.64
Prepaid interest, second (5 days)$134.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 9 moOf the original 30-year loan at 5.891%
Interest already paid$29,972Through Dec 2026
Assumption only · ends Sep 2055$476,220
Assumption + second · ends Sep 2055, second Jan 2057$678,131
New conventional · ends Jan 2057$769,872